SoftBank is organising an artificial intelligence tour of Silicon Valley next month for a group of its Indian startup founders. The aim is to boost AI adoption among its portfolio companies. As part of efforts to integrate AI, SoftBank has been facilitating meetings between founders it backs and leading AI players. Sumer Juneja, managing partner at SoftBank's Vision Fund, said they expect to take many of the 20 founders from India on the AI tour. SoftBank's Indian investments include Oyo, Ola and Swiggy. The investor is stepping up initiatives to infuse its startups with AI technology and skills through such exposure trips.

The billionaire Issa brothers' acquisition of Asda in 2021 for £6.8 billion now looks precarious after a bumpy ride. The Blackburn-based businessmen had grand plans to expand Asda into the UK's second-largest grocer. But surging inflation and the cost of living crisis have upset their lofty goals. Asda's previous owner, Walmart, was keen to offload the chain near the market's peak. The boom in pandemic grocery shopping initially promised a cash cow for the Issas. However, economic headwinds have now put their £1 billion investment in convenience stores and in-store franchises in doubt. What once seemed a golden opportunity is proving hard to deliver.

At the B20 Summit in Delhi, Prime Minister Narendra Modi stressed the need for a global regulatory framework for cryptocurrencies and ethical use of artificial intelligence (AI). Modi said India is building efficient supply chains and urged focusing on customer care and green financing. He stated India has given the world "mutual trust" after 100 years. The Prime Minister asked business leaders to discuss emerging technologies like AI and crypto disrupting the world. He emphasised responsible AI and global coordination on crypto regulation at the summit with international business leaders.

Finance Minister Nirmala Sitharaman met UK Trade Secretary Kemi Badenoch on Saturday, 26 August 2023, and discussed bilateral investment and the India-UK free trade agreement (FTA). They reaffirmed commitment from both sides to conclude the ongoing FTA negotiations soon. During the meeting, the ministers exchanged views on trade and investment issues of mutual interest for both countries. Sitharaman also met European Commission Executive Vice President Valdis Dombrovskis and discussed bilateral economic and financial matters. They exchanged views on the ongoing consultations for the India-EU Investment Protection Agreement and India-EU Free Trade Agreement.

Indian Finance Minister Nirmala Sitharaman said on Friday that a free trade agreement (FTA) with the UK is close to being finalised and will happen "very soon". Speaking at the B20 Summit, she also indicated FTA talks with Canada may begin soon. This follows UK Trade Secretary Kemi Badenoch stating on Thursday that FTA negotiations with India have entered their final stages. Badenoch noted the two countries are actively discussing business mobility under the proposed deal, while clarifying that overall visa liberalisation is not part of trade pacts. Sitharaman expressed confidence that India's GDP numbers for the first quarter will be good, stating the country's economy has performed well in Q1. Her comments signal momentum on finalising the India-UK FTA amid ongoing discussions on mobility issues between the two countries.

Amid speculation that India may impose its first sugar export ban in seven years, the Indian Sugar Mills Association (ISMA) has denied an immediate ban but said a decision could come in the next few weeks. A potential export ban by the world's second-largest sugar exporter could have major global impact amid high international prices and inflation fears. A recent Reuters report, citing government sources, said India was expected to ban sugar exports next season starting October due to reduced cane yields from lack of rains. ISMA stated the move is not imminent but possible within weeks. India restricting sugar exports could significantly affect global markets at a time of already rising commodity prices and supply concerns. The country's lower cane output this year is factoring into considerations of an export ban.

UK Business and Trade Secretary Kemi Badenoch said on Thursday that India and Britain are actively discussing business mobility issues as part of the proposed free trade agreement (FTA) negotiations, which are now in their final stages. Badenoch stated that overall visa liberalisation matters do not fall under trade deals. She expressed optimism about delivering a mutually beneficial FTA but did not give a timeline, saying she does not want to raise expectations. Badenoch is working closely with Indian Commerce Minister Piyush Goyal as the two countries aim to finalize the trade pact. However, she noted that anything can still happen in the final stages of negotiations. The UK minister is not raising the deadline but remains hopeful of a positive outcome.

Indian grocery delivery startup Zepto has raised $200 million in fresh funding at a $1.4 billion valuation, becoming the first Indian unicorn in nearly a year. The Mumbai-based startup, founded in 2021 by two 19-year-old Stanford dropouts, promises 10-minute grocery deliveries. The funding round was led by US firms StepStone Group and Goodwater Capital. Existing investors including Nexus Venture Partners also participated. Zepto will use the funds to expand operations in seven Indian cities where it already makes $50-60 million in monthly revenue. The quick commerce sector is heating up with Zepto competing against SoftBank-backed Swiggy and Blinkit.

PM Modi said India has moved from "red tape to red carpet", enabling unfettered FDI inflows over the last 9 years at the G20 Trade and Investment Ministerial meeting on Thursday. He urged G20 countries to build an inclusive, resilient global value chain. PM stated initiatives like Make in India and Atmanirbhar Bharat have spurred manufacturing and brought policy stability. He affirmed his commitment to make India the 3rd biggest global economy soon. PM added that reforms, performance, and transformation under NDA rule have made India the 5th largest economy and a hub of openness and opportunities.

To tackle workforce shortages, Singapore has expanded hiring options to include Indian cooks for hospitality sector jobs. Previously, work permits predominantly went to those from countries like China, Malaysia and Taiwan. Now, Indian cooks can be recruited along with roles like housekeepers to broaden the talent pool for Singapore's services and manufacturing industries facing staffing shortfalls. Businesses can apply starting 1 September to hire Indian cooks, a non-traditional source, specifically for Indian restaurants. This provides new hiring avenues whilst addressing the hospitality sector's staffing needs amid tight labour conditions.